Mumbai's Residential Market Sees 9% YoY Growth in Q3, Driven by Steady Sales and Stable Interest Rates
Knight Frank India's latest report reveals that Mumbai's residential market recorded the highest sales among eight Indian cities, with 24,222 units sold in Q3 2024, a 9% year-on-year growth.
MumbaiResidential MarketKnight Frank IndiaReal EstateOffice SpaceReal Estate MumbaiOct 03, 2024
The average weighted residential price saw a 6% YoY increase, reaching Rs 8,056 per sq ft, the highest in the country. Mumbai also recorded a 10% YoY growth in the Rs 5 mn to 10 mn ticket size category during Q3 2024, which accounted for 24% of the city's total sales.
The under Rs 5 mn segment saw the highest volume, with 10,198 units sold, representing 42% of total sales. Meanwhile, the Rs 10 mn and above category experienced a 16% YoY growth, increasing from 7,018 units in Q3 of 2023 to 8,153 units in Q3 of 2024.
The city also recorded the highest number of office space transactions across the eight Indian cities by India-facing business at 1.93 mn sq ft during Q3 of 2024. The total office space transactions in the city reached 2.7 mn sq ft during this period, while office completions saw a significant 167% increase, reaching 0.8 mn sq ft.
Frequently Asked Questions
What was the growth rate of Mumbai's residential market in Q3 2024?
9% year-on-year growth
What was the average weighted residential price in Mumbai in Q3 2024?
Rs 8,056 per sq ft
What was the highest ticket size category in Mumbai's residential market in Q3 2024?
Rs 10 mn and above
What was the total office space transactions in Mumbai in Q3 2024?
2.7 mn sq ft
What is the outlook for India's real estate market in the coming year?
The growth trend in the Indian real estate market is expected to continue upward in the coming year, driven by strong support from the increased purchasing power of homebuyers and the desire to improve their living conditions.
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